Nearly 60-70% of procurement teams’ focus is now on strategic pursuits such as strategic sourcing, demand management, value engineering, supplier segmentation, stakeholder management and supply risk management, according to a Kearney report.
“Constrained supply and available transportation modes shifted the balance of power to suppliers, allowing them to choose who to serve and sending costs skyward,” the study says.
- 75% of leaders report having a high impact in mitigating supply risk vs. just 31% of all others.
- 59% of leaders say their innovations significantly enhance growth and margins compared with just 10% of all other companies in the latest study.
- 59% of leaders report having a high impact on their company’s sustainability agendas vs. 23% of the rest of the sample.
- 31% of CFOs and CXOs say procurement proactively drives their strategic agendas.